Our Bureau Coimbatore, March 11
While welcoming the arrest in the fall of exports in February, the Apparel Export Promotion Council Chairman A. Sakthivel said the country’s two major export destinations – US and the EU – were yet to recover from the slowdown. He was referring to the provisional figures released today by the Commerce Secretary. The trade data showed that exports grew 4.25 per cent and imports by 2.6 per cent in February.
Positive export data were heartening, but it has been from non traditional markets due to supportive FTP (Free Trade Practices) policies. India’s apparel exports to the EU and the US recorded a 14 per cent and two per cent shortfall respectively, he said. He reiterated the Council’s demand for a separate chapter for exports and lower credit rate to remain competitive.
The AEPC has appealed to the Government for allowing duty free import of yarn and for exemption from transaction tax. “We have also sought for fixing the export credit for readymade garments at seven per cent,” he said. (Source: The Hindu Businessline)